Investor Presentation

Q1 2016

Available in English Only

Disclaimer

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This presentation contains forward-looking statements about the objectives,strategies, financial condition, results of operations and businesses of Yellow PagesLimited. These statements are considered “forward-looking” because they are basedon current expectations about our business and the markets we operate in, and onvarious estimates and assumptions. Our actual results could be materially differentfrom our expectations if known or unknown risks affect our business, or if ourestimates or assumptions turn out to be inaccurate.

As a result, we cannot guarantee that any forward-looking statements will materialize.Forward-looking statements do not take into account the effect that transactions ornon-recurring items announced or occurring after the statements are made may haveon our business.

We disclaim any intention or obligation to update any forward-looking statements,except as required by law, even if new information becomes available through futureevents or for any other reason.

Risks that could cause our actual results to differ materially from our currentexpectations are discussed in section 6 of our May 10th, 2016 Management'sDiscussion and Analysis.

The Way Consumers and Merchants Are Interacting is Evolving

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1.2 million small and medium-sized businesses call Canada home

The majority do not have a comprehensive digital presence, let alone a website

They also continue to struggle with digital marketing, given its complexity and personal time constraints

The vast majority of Canadians are connected online (web and mobile)

More than ever before, Canadians are researching online before making a purchase decision…

…and turning to their smart devices to transact directly within their neighbourhoods

We aim to champion the digital economy by offering consumers and merchants media and marketing solutions that help them interact and transact

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Our Mission

Comprehensive Digital Services

Acting as the Chief Marketing Officer for SMEs

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Owned & Operated Solutions

Paid advertising on Yellow Pages’ verticalized network of digital and print media

Full suite of digital solutions that attract consumers wherever they search

Services

Website Fulfillment

Search Engine Optimization

RetailDining Real Estate

Facebook Campaign Management

Digital DisplayAdvertising

Search Engine Marketing

Digital ContentSyndication

Reservation Management Systems

Uniquely Positioned to Capture Further Growth in the Canadian Digital Marketing Landscape

Service LevelSelf-Serve Full Serve

Bre

adth

of

Pro

du

ct O

ffer

ing

s

Serving over 20% of the Canadian SME market

* Size of bubble denotes approximate advertising revenue in Canada

Self-Serve Website

Platforms

Local Digital Marketing Boutiques

Local Newspapers

Search Engine People

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Acting as a Leading Digital Advertising Agency for National Brands

Extensive Publisher NetworkNetwork of Brand Relationships

Creating one of Canada’s leading digital advertising agencies, leveraging proprietary programmatic technologies and an extensive publisher network to

connect Canadians with the brands they love

National Revenues in Excess of $60M in 2015Publisher Network Attracting Over 15B

Impressions Annually

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A Verticalized Digital Experience for Consumers

RedFlagDealsCanada’s leading provider of online and mobile promotions, deals, coupons and shopping tools

YP ShopwiseEveryday shopping app to help Canadians save time and money

Business & People Search

Canada411 & 411.caNetwork of Canada’s most frequented and trusted online and mobile destinations for personal and local business information

YP AppDiscover everything the localneighbourhood has to offer

ComFree/DuProprio NetworkC2C marketplace offering homeowners a professional and cost effective service to market and sell their properties

YP NextHomeProvides Canadians with valuable real estate information to help them make the right buying, selling, and/or renting decision

YP DineDiscover, search for and book local restaurants based on time of day, mood and expert suggestions

Attracting Over 458 Million1 Visits to Our Network of Digital Properties Annually

Retail

Real Estate Dining

1 Excludes the contribution of the ComFree/DuProprio Network, which attracted 25.2 million visits during the first quarter of 2016.

BookendaLeading online transaction platform for users and merchants to easily interact and manage bookings

dine.TOConnecting users in the Greater Toronto Area with an extensive database of restaurant listings, as well as real-time online ordering capabilities

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1 As per comScore Media Metrix, March 2016.

Further Differentiating Our Properties Via Rich Content and Transactional ExperiencesKey Search Verticals Remain Underpenetrated1

Uniquely Positioned to Capture Audience Growth in Key Verticals

Integrated Booking Engine

Proven C2C Marketplace

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Total Unique Visitors (in M)

Reach

1. Google 29 M 96%

3. Facebook 24 M 79%

5. eBay 19 M 63%

7. 18 M 60%

19. Yellow Pages 11 M 37%

24. Trip Advisor 10 M 32%

52. Yelp 6 M 19%

65. Expedia 5 M 17%

We Are Starting from a Position of Strength

Profitable Digital Revenue Growth, with Low Indebtedness

$526 million in annualized digital revenues, currently representing 65% of total revenues

Highly profitable digital operations

Lean capital structure, with net debt-to-latest twelve-month Adjusted EBITDA of 1.8x

A Strong Financial Profile

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A Leader in Digital Marketing

Canada’s Most Comprehensive Provider of Digital Marketing Solutions

Dedicated Chief Marketing Officer for 244,000 local businesses

Largest national network of sales, customer service and digital fulfillment professionals

A leading digital advertising agency for national brands

One of Canada’s Most Adopted Digital Properties for Local Discovery

Over 458 million visits executed across our network of digital properties annually

Over one third of online Canadians consult our verticalized network of digital media properties to interact and transact with merchants in and around their neigbourhoods

A Rich, Diversified Digital Media

Network

Our Path to Growth is Clear

Growth in the Customer

Count

Growth in Revenues

Growth in Adjusted EBITDA

Debt Free Capital

Structure

2017 2018

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26

23

2019

17

14

11

7

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 TTM 2015 TTM 2016TTM

18.420.2

22.123.7 24.8

27.2

30.8

34.6

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014 TTM 2015 TTM 2016TTM

1 YP Core only, excludes the contribution of Mediative, JUICE Mobile, 411 Local Search Corp., Yellow Pages Homes Limited and the ComFree/DuProprio Network.2 Represents the year-over-year change in customer count experienced during the period.

Net Customer Count Decline1,2Annual Customer Acquisition1

(in thousands) (in thousands, unless otherwise noted)

Significant Deceleration in Net Customer Count Decline

CustomerCount

265 260 256 251 248 246 245 244

With only 1,000 net customers lost between December 31st, 2015 and March 31st, 2016 we are close to stabilizing the customer count

CustomerRenewal

85% 85% 84% 85% 85% 85% 85% 84%

RenewersUpselling

26% 27% 31% 35% 40% 44% 44% 42%

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113116

128 129 132

YoY Change+9% +7% +12% +11% +17%1

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

9388

8379

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YoY Change(22%) (21%) (21%) (19%) (23%)

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Digital Revenue PerformancePrint Revenue Performance

(in millions, unless otherwise noted) (in millions, unless otherwise noted)

Delivering Sustainable Print and Digital Revenue Performance…

Stabilization in print revenue decline rates supported by content enhancement and pricing initiatives that have

encouraged renewal of print advertising spending among customers

Long-term, sustainable digital revenue growth driven by accelerated customer acquisition, increased digital spending among renewing customers, and revenue growth across new

verticals and national channels

131 On a pro forma basis, digital revenues for the three-month period ended March 31, 2016 grew 8% year-over-year. Pro forma digital revenue growth adjusts digital revenues for the full inclusion of the ComFree/DuProprio Network and JUICE Mobile during the three-month period ended March 31, 2015, as well as for the full inclusion of JUICE during the first quarter of 2016.

206 205211 209

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YoY Change(8%) (7%) (4%) (3%) (1%)1

% Digital55% 57% 61% 62% 65%

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

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6264 64

62

YoY Change(25%) (24%) (15%) (1%) (13%)

Adjusted EBITDAMargin

34% 30% 30% 31% 30%

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016

Adjusted EBITDA PerformanceConsolidated Revenue Performance

(in millions, unless otherwise noted) (in millions, unless otherwise noted)

…and Reducing Revenue and Adjusted EBITDA Declines

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1 On a pro forma basis, consolidated revenues for the three-month period ended March 31, 2016 declined 5% year-over-year. Pro forma consolidated revenue performance adjusts consolidated revenues for the full inclusion of the ComFree/DuProprio Network and JUICE Mobile during the three-month period ended March 31, 2015, as well as for the full inclusion of JUICE during the firstquarter of 2016.

Search Engine Marketing

Leveraging YP traffic to deliver high-margin performance-based leads solutions

Search Engine Marketing

Leveraging YP traffic to deliver high-margin performance-based leads solutions

Search Engine Optimization

Websites

Presence Pro/Extended

Print

Online & Mobile Priority Placement

Maintaining Strong Profitability During Our Digital Transformation

Placement solutions, which hold the highest profitability among our digital product suite, represent ~2/3rds of YP Core’s1 digital revenues

High Margin

Mid-Margin

Low Margin

Relative Size of Gross Margins of our Local Digital Solutions

1 Exclude the contribution of Mediative, JUICE Mobile, 411 Local Search Corp., Yellow Pages Homes Limited and the ComFree/DuProprio Network.

Over 90% of traffic on Yellow Pages’ digital properties is direct or organic

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Cost structure is principally variable,

with profitability tracked on a

book-by-book basis

Delivering Strong Free Cash Flow to Reduce Outstanding Debt

(in millions, unless otherwise noted) March 31, 2016 Dec. 31, 2015 Dec. 31, 2012

Senior Secured Notes1 407 407 800

Exchangeable Debentures2 91 90 87

Obligations Under Finance Leases 1 1 2

Total Debt 498 498 888

Cash and Cash Equivalents 35 67 107

Total Net Debt 463 431 782

Total Equity 748 760 286

Net Debt / Adjusted EBITDA 1.8x 1.7x 1.4x

LTM Free Cash Flow 86 122 198

~$393 million in debt repaid since the issuance of the Senior Secured Notes on December 20, 2012

Note: The Company currently has in place a $50 million Asset-Based Loan expiring in August 2018, which may be used for general corporate purposes.1 9.25% Senior Secured Notes due November 30, 2018. 2 8% (or 12% Paid in Kind) Subordinated Unsecured Exchangeable Debentures due November 30, 2022. 16

Strengthening Our Financial Profile in 2016

Stabilization of the Customer Count

YoY Pro Forma Digital Revenue Growth Between 9% and 11%

Improvements to Revenue and Adjusted EBITDA Declines

$100 Million in Principal Debt Repayment

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